Chainlink (LINK) is currently trading at $12.21, reflecting a 24-hour change of -2.24%. The daily price range has remained tight, with a high of $12.55 and a low of $12.07, indicating a lack of volatility amid a substantial trading volume of approximately $441.6 million, equating to a volume/market cap ratio of 5.11%.

Technical indicators reveal a bearish trend, with the hourly moving averages suggesting downward momentum. The 8 SMA at $12.32, 13 SMA at $12.28, and 21 SMA at $12.29 all show slight declines, while the 55 SMA at $12.58 and 144 SMA at $13.28 indicate more significant downward pressure, particularly the longer-term moving average which is down 8.02%.

The RSI metrics further highlight a bearish sentiment, with the 1-hour RSI at 50 suggesting neutrality, while the 7-day RSI at 38 signals an oversold condition. The recent price changes underscore a bearish trend, with a 7-day price change of -12.03%, a 14-day change of -10.73%, and a 30-day change of -3.84%, all of which point towards continued selling pressure.

Chainlink's all-time high stands at $52.70, achieved in May 2021, which illustrates the substantial distance the current price has to cover for recovery. The persistent negative price action, coupled with bearish technical indicators, suggests a lack of buyer interest and potential for further declines in the short to medium term.

Given the current market dynamics, including the bearish momentum reflected in both technical indicators and price changes, the recommendation is to hold LINK at this time. There is insufficient evidence of a reversal or bullish momentum, and investors should await more favorable conditions before considering new positions.